Amazon Pay Trims Losses 39%, Revenue Surges 9% In FY24

Amazon Pay, the digital payments arm of Amazon India, reduced its losses by 39% to INR 911 crore in FY24, down from INR 1,499 crore in the previous fiscal year. The company’s revenue from operations increased by 9.2% year-on-year to INR 2,286.9 crore. Amazon Pay also managed to reduce its total expenses to INR 3,280 crore from INR 3,635 crore in FY23. The digital payments platform processed approximately 70.9 million UPI transactions last month, holding about 0.5% of the total transactions on the network. Amazon Pay’s improved financial performance reflects the company’s efforts to optimize costs and enhance revenue generation. The reduction in losses and increase in revenue highlight the growing adoption of digital payments in India and Amazon Pay’s expanding footprint in the fintech sector. The company’s focus on cost management and operational efficiency has contributed to its improved financial health.